Ameristar-branded casinos can be confusing to track because the name appears across multiple properties with different operators. This guide explains, in straightforward terms, who runs Ameristar casinos today, why the real estate is often held by a REIT, and how you can verify who operates any specific property. The article is aimed at travelers, loyalty members, and readers doing preliminary research. It summarizes the key corporate transactions that shaped the current structure and provides practical verification steps so you can check operator and landlord information for the Ameristar location you care about.

Ameristar is a property brand operated by different companies rather than a single corporate owner.

PENN Entertainment and Boyd Gaming operate Ameristar properties, while GLPI commonly owns the real estate.

To confirm who runs a specific Ameristar, check the property page, SEC 10-Ks, and local gaming commission records.

Quick answer: who owns Ameristar?

Short summary, ameristar betting app

Ameristar-branded casinos are not owned by a single company. As of 2026, day-to-day operations at most Ameristar properties are run by two separate public casino operators, while much of the physical real estate is held by a real estate investment trust.

In plain terms, PENN Entertainment and Boyd Gaming operate Ameristar properties, and Gaming and Leisure Properties, Inc. commonly owns the buildings and land through long-term leases, which separates operational control from property ownership PENN Entertainment 2024 Form 10-K. See PENN's annual report here.

Quick verification steps to confirm operator and landlord for a property

SEC 10-K
Property page
Local gaming commission record

Use the company 10-K as primary source

One-sentence takeaway for readers

Takeaway: When you see the Ameristar name, check who operates the specific property for loyalty program and policy details, and check the REIT filings to see who owns the real estate GLPI 2024 Form 10-K.

What the Ameristar name means today

Brand vs corporate entity

The Ameristar name functions primarily as a property brand rather than a single corporate parent. Multiple companies use the Ameristar brand on-site while ownership of operations and land can be split between different firms, so the presence of the name alone does not show unified corporate ownership PENN Entertainment 2024 Form 10-K.

How customers see the name on-site

Customers usually see Ameristar as the hotel, casino, and local marketing identity, but the loyalty program and guest policies depend on the operator that runs that property. For example, properties operated by PENN align with the Penn Play ecosystem, while those under Boyd use B Connected, which can affect rewards, tiering, and promotions Boyd Gaming 2024 Form 10-K. See Boyd's filings here.

Because the brand persists at the property level, signage, local advertising, and guest-facing staff will present a continuous Ameristar experience even when the operator and landlord are different entities.

How Ameristar ownership works: operators versus property owners

Operating company role

Operating companies run the casino business: they hire staff, run gaming floors, set promotions and loyalty programs, and manage daily guest services. For Ameristar properties, that role is filled by operators such as PENN Entertainment and Boyd Gaming, who are responsible for the on-site customer experience and program rules PENN Entertainment 2024 Form 10-K.

Real-estate owner role

Real-estate owners, commonly REITs like Gaming and Leisure Properties, Inc., hold title to land and buildings and lease them to operators under long-term agreements. These landlords collect rent and maintain ownership rights, but they do not run daily casino operations GLPI 2024 Form 10-K. See GLPI's filings here.

In practice this means the company that appears on a property deed may not be the firm that manages loyalty benefits, sets operating hours, or hires the local staff, so customers should check both operator and landlord records to understand responsibilities.

Verify the operator and landlord for your Ameristar location

Check the operator of your local Ameristar property before assuming loyalty or service terms; see the verification checklist below.

View verification checklist

Ownership mechanics: sale-leasebacks, leases, and GLPI's role

What is a sale-leaseback?

A sale-leaseback is a transaction where an operator sells the physical property to a real-estate owner and then signs a long-term lease to continue operating the business. Gaming companies use this structure to free capital while keeping operational control of their casino business GLPI 2024 Form 10-K.

How long-term leases affect control

Lease agreements define the landlord and tenant obligations, including repair responsibilities, permitted uses, and what happens on lease expiration. For Ameristar properties, GLPI commonly holds the real estate under long-term leases, which means operators must meet lease obligations while running the casinos PENN Entertainment 2024 Form 10-K.

As a result, changes in operation, such as a sale of the operating business or a rebranding, often require coordination among the operator, the landlord, and regulators because lease terms and landlord consent can limit or shape those changes.

Key transactions that shaped Ameristar's ownership

Pinnacle's 2013 acquisition

In August 2013, Pinnacle Entertainment completed its acquisition of Ameristar Casinos, Inc., which moved the Ameristar operations into Pinnacle's corporate structure at that time Pinnacle announcement, 2013.

Penn National's 2018 acquisition and required divestitures

On October 15, 2018, Penn National Gaming completed its acquisition of Pinnacle's operating business, bringing most Ameristar operations under Penn's control, subject to regulatory conditions that required additional divestitures Penn National announcement, 2018.

Who owns Ameristar and how are operations divided?

Ameristar-branded casinos are operated by PENN Entertainment and Boyd Gaming while much of the real estate is owned by Gaming and Leisure Properties, Inc.; verify the operator in company filings to understand loyalty and on-site policies.

The Federal Trade Commission required Penn National to divest certain casino assets to preserve local competition, which led to the sale of select Ameristar properties to Boyd Gaming during the regulatory process FTC divestiture announcement, 2018.

Those divestitures explain why some Ameristar locations are now operated by Boyd while others remain with PENN, and why the Ameristar brand appears across properties with different operators.

Key transactions that shaped Ameristar's ownership, part two

The 2013 and 2018 deals are the primary corporate events that produced the present split among operators and landlords. After the 2018 transactions, the operational business largely integrated into what is now PENN Entertainment, while Realty firms like GLPI retained or acquired property titles through sale-leaseback arrangements that have become common in the industry GLPI 2024 Form 10-K.

Which Ameristar casinos are run by PENN and which by Boyd

Examples of Boyd-operated Ameristar properties

Two clear examples of Ameristar properties operated by Boyd Gaming are Ameristar Kansas City and Ameristar St. Charles; those properties were divested to Boyd during the regulatory process tied to the 2018 acquisition Boyd Gaming 2024 Form 10-K.

Local guests at these Boyd-operated Ameristar properties will see Boyd's operational policies and loyalty program in effect rather than PENN's systems.

Examples of PENN-operated Ameristar properties

Several other Ameristar-branded casinos remain under PENN Entertainment's operational control and are integrated into Penn Play for loyalty and rewards; company filings list these properties and describe how they are managed within PENN's portfolio PENN Entertainment 2024 Form 10-K.

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View verification checklist

Because operator assignments can change over time through sales or lease transfers, readers should consult the latest company filings and property pages to confirm the current operator for any given Ameristar location.

What ownership and operator splits mean for customers

Loyalty programs and rewards

The company that operates the casino sets loyalty program rules, promotions, reward accrual, and tier benefits. For guests, this means that an Ameristar property run by PENN will follow Penn Play procedures, while one run by Boyd will follow B Connected rules, which can lead to differences in reward earn rates and redemption options PENN Entertainment 2024 Form 10-K.

If you travel between Ameristar locations, do not assume that points, comps, or promotions will transfer across properties operated by different companies.

Customer-facing policies and who sets them

Daily policies such as dress code, pet policies, smoking areas, and event scheduling are determined by the operator and not the landlord. GLPI as landlord typically does not dictate guest-facing operational rules, although leases can include high-level property use provisions that operators must follow GLPI 2024 Form 10-K.

For consumers this distinction matters when planning stays or loyalty strategies, because the operator controls promotions, while the landlord's role is largely financial and legal.

Minimalist 2D vector close up of a property deed and magnifying glass over an indistinct 10 K style financial page evoking verification and research on a dark Funded Plays background ameristar betting app

For consumers this distinction matters when planning stays or loyalty strategies, because the operator controls promotions, while the landlord's role is largely financial and legal.

Practical steps: how to verify the owner or operator of a specific Ameristar property

Check SEC filings and company 10-Ks

Start with the 10-K or 10-Q filings from PENN, GLPI, and Boyd to see which properties are listed under each company and to confirm lease relationships or operating responsibilities PENN Entertainment 2024 Form 10-K. Read our blog here.

Look at property websites and local filings

Visit the official property page and the local gaming commission records for licensure and operator names; property webpages often list the company that manages the casino and provide contact details for guest services and loyalty programs Boyd Gaming 2024 Form 10-K.

Checklist: 1) Confirm operator on the property site, 2) cross-check the operator in the operator's SEC filings, 3) verify landlord ownership via the REIT filings or county deed records. See our evaluation guide here.

Regulatory conditions and required divestitures: what to watch for

FTC divestiture example

Regulators sometimes require divestitures to preserve competition, as the FTC did when Penn National acquired Pinnacle, which resulted in Penn selling certain Ameristar properties to satisfy regulatory concerns FTC release, 2018.

Why regulators intervene

Regulators evaluate market concentration and may require sales to prevent reduced competition in local markets. When required, these divestitures change which company operates a property even if the brand name stays the same on-site.

Common misconceptions and mistakes when researching ownership

Mistaking brand name for corporate ownership

A common mistake is assuming that every Ameristar location is owned by one company; in reality, the brand can be used by properties operated by different firms, so always confirm the operator for each location.

Confusing operator with landlord

Another frequent error is reading a deed or landlord report and assuming that company runs daily operations. Landlords often do not manage guest services, so distinguish between ownership of the real estate and the company listed as the operator on the gaming license.

Examples: checking Ameristar Kansas City, St. Charles, and a PENN-operated property

Ameristar Kansas City example

Ameristar Kansas City is an example of a property that was divested in the regulatory process and is operated by Boyd Gaming, which means Boyd sets the loyalty and customer rules for that location Boyd Gaming 2024 Form 10-K.

Ameristar St. Charles example

Ameristar St. Charles is another Boyd-operated property after the divestiture, so local policies reflect Boyd's operational decisions rather than those of PENN or GLPI.

Representative PENN-operated Ameristar

A PENN-operated Ameristar property will appear in PENN's filings and be integrated with Penn Play for customer rewards; check the operator listings in the company's 10-K to identify which Ameristar properties are in PENN's portfolio PENN Entertainment 2024 Form 10-K.

What could change in the future: rebranding, lease renewals, and M&A

How lease expirations can affect branding

Lease expirations or sales of either the operator business or the real estate can lead to rebranding or changes in loyalty programs, because a new operator may choose to change the guest experience even if the landlord remains the same.

What M&A might change for customers

Mergers and acquisitions can transfer operational control or property rights, so customers should watch company press releases and SEC filings for confirmed changes rather than rely on informal sources.

Takeaway: how to think about Ameristar ownership going forward

Three quick points to remember

1) Operations are split: PENN Entertainment and Boyd Gaming operate Ameristar properties while GLPI owns much of the real estate under long-term leases GLPI 2024 Form 10-K.

2) The Ameristar name is a property brand and does not imply single corporate ownership. 3) Verify operator for loyalty and policy questions and verify landlord for property or lease inquiries using primary filings.

Next steps for readers

Check the operator, check the landlord, and consult the latest SEC filings or local gaming commission records before making assumptions about rewards or property control. Visit Funded Plays homepage.

Who runs loyalty programs at Ameristar casinos?

The operator of each Ameristar property runs the loyalty program, so PENN-operated locations use Penn Play while Boyd-operated locations use B Connected.

Does GLPI operate Ameristar casinos?

No, GLPI typically owns the real estate and leases it to operators, but it does not manage daily casino operations.

How can I confirm who owns a specific Ameristar property?

Check the property's official webpage, the operator's SEC 10-K, and local gaming commission records to confirm the operator and landlord.

If you need a fast check, begin with the property page and the operator's most recent SEC filings, and consult local gaming commission records for licensing details. Brand names provide helpful context but are not a substitute for confirming the specific operator and landlord. For loyalty planning and detailed confirmation, rely on primary documents rather than third-party listings so you have the most accurate, up-to-date information.